v3.25.1
Advances
 3 Months Ended
Mar. 31, 2025
Federal Home Loan Banks [Abstract]  
Advances
Note 4 — Advances
The Bank offers a wide range of fixed and adjustable rate advance products with different maturities, interest rates, payment characteristics, and option features. Fixed rate advances generally have maturities ranging from one day to 30 years. Adjustable rate advances generally have maturities ranging from less than one year to 15 years, with the interest rates resetting periodically at a fixed spread to a specified index.
Redemption Terms. The following table presents advances outstanding by redemption term and weighted-average interest rate at March 31, 2025, and December 31, 2024.
(Dollars in millions)March 31, 2025December 31, 2024
Redemption Term
Amount
Outstanding(1)
Weighted
Average
Interest Rate
Amount
Outstanding(1)
Weighted
Average
Interest Rate
Overdrawn demand and overnight deposit accounts$1 4.10 %$— — %
Within 1 year
17,763 4.36 23,712 4.30 
After 1 year through 2 years9,631 3.75 11,067 3.81 
After 2 years through 3 years5,103 4.14 4,526 3.97 
After 3 years through 4 years2,154 4.22 3,264 4.13 
After 4 years through 5 years888 3.40 865 3.76 
After 5 years2,414 3.81 2,384 3.68 
Total par value37,954 4.11 %45,818 4.09 %
Valuation adjustments for hedging activities(92)(198)
Valuation adjustments under fair value option51 17 
Total$37,913 $45,637 
(1)    Carrying amounts exclude accrued interest receivable of $64 million and $63 million at March 31, 2025, and December 31, 2024, respectively.
Advances outstanding with redemption terms within three months totaled $10.2 billion and $15.1 billion at March 31, 2025, and December 31, 2024, respectively. The Bank had advances with full prepayment symmetry outstanding totaling $22.3 billion at March 31, 2025, and $29.4 billion at December 31, 2024. The Bank had advances with partial prepayment symmetry outstanding totaling $119 million at March 31, 2025, and $142 million at December 31, 2024. Some advances may be repaid on specified call dates without prepayment fees (callable advances). The Bank had callable advances outstanding totaling $2.9 billion at March 31, 2025, and $2.7 billion at December 31, 2024. The Bank had putable advances totaling $4.9 billion at March 31, 2025, and $4.6 billion at
December 31, 2024. For more information related to the Bank’s prepayment policies, see “Item 8. Financial Statements and Supplementary Data – Note 5 – Advances” in the Bank’s 2024 Form 10-K.
The following table summarizes advances at March 31, 2025, and December 31, 2024, by the earlier of the year of redemption term or next call date for callable advances and by the earlier of the year of redemption term or next put date for putable advances.
Earlier of Redemption
Term or Next Call Date		Earlier of Redemption
Term or Next Put Date
(In millions)March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Overdrawn demand and overnight deposit accounts$1 $— $1 $— 
Within 1 year19,238 26,023 22,085 27,676 
After 1 year through 2 years8,431 9,066 9,380 10,646 
After 2 years through 3 years5,103 4,526 3,619 3,487 
After 3 years through 4 years2,154 3,264 1,835 2,886 
After 4 years through 5 years888 855 485 398 
After 5 years2,139 2,084 549 725 
Total par value$37,954 $45,818 $37,954 $45,818 
Concentration Risk. The following tables present the concentration in advances by borrowers and their affiliates that are 10% or more of total advances outstanding at March 31, 2025 and 2024, or that are 10% or more of total advance interest income for the three months ended March 31, 2025 and 2024.

March 31, 2025Three Months Ended
March 31, 2025
(Dollars in millions)
Name of Borrower
Advances
Outstanding		Percentage of
Total
Advances
Outstanding
Interest
Income from
Advances(1)
Percentage of
Total Interest
Income from
Advances
Western Alliance Bank$3,700 10 %$41 9 %
JPMorgan Chase, National Association(2)
3,374 9 70 16 

March 31, 2024Three Months Ended
March 31, 2024
(Dollars in millions)
Name of Borrower
Advances
Outstanding		Percentage of
Total
Advances
Outstanding
Interest
Income from
Advances(1)
Percentage of
Total Interest
Income from
Advances
JPMorgan Chase, National Association(2)
$21,319 37 %$239 40 %
Western Alliance Bank5,750 10 44 7 
(1)    Interest income amounts exclude the interest effect of interest rate exchange agreements with derivative counterparties. The amount of interest income from advances can vary depending on the amount outstanding, terms to maturity, interest rates, and repricing characteristics.
(2)    A nonmember. On May 1, 2023, the California Department of Financial Protection and Innovation (DFPI) closed First Republic Bank and appointed the FDIC as receiver. On the same date, the FDIC transferred all of the deposits and substantially all of the assets of First Republic Bank, including $28.1 billion in advances outstanding from the Bank, to JPMorgan Chase, National Association, a nonmember. These advances outstanding are fully collateralized and are not expected to result in any credit loss to the Bank.
Credit Risk Exposure and Security Terms. The Bank manages its credit exposure related to advances through an integrated approach that provides for a credit limit to be established for each borrower, includes an ongoing review of each borrower’s financial condition, and is coupled with conservative collateral and lending policies to limit the risk of loss. For more information related to the Bank’s credit risk management practices, borrower eligibility, and collateral requirements for advances, see “Item 8. Financial Statements and Supplementary Data – Note 5 – Advances” in the Bank’s 2024 Form 10-K.
At March 31, 2025, and December 31, 2024, the Bank had a perfected security interest in collateral pledged by each borrowing member, or by the member's affiliate on behalf of the member, and by each nonmember borrower, with an estimated value in excess of the outstanding credit products for that borrower. At March 31, 2025, and December 31, 2024, none of the Bank’s credit products were past due or on nonaccrual status. There were no modifications to credit products related to borrowers experiencing financial difficulty during the three months ended March 31, 2025 and 2024.
Based on the collateral pledged as security for advances, the Bank’s credit analyses of borrowers’ financial condition, repayment history on advances, and the Bank’s credit extension and collateral policies as of March 31, 2025, and December 31, 2024, the Bank expects to collect all amounts due according to the contractual terms. Therefore, no allowance for credit losses on advances was deemed necessary by the Bank as of March 31, 2025, and December 31, 2024.
Interest Rate Payment Terms. Interest rate payment terms for advances at March 31, 2025, and December 31, 2024, are detailed below:
(In millions)March 31, 2025December 31, 2024
Par value of advances:
Fixed rate:
Due within 1 year$9,899 $15,218 
Due after 1 year18,290 20,101 
Total fixed rate28,189 35,319 
Adjustable rate:
Due within 1 year
7,865 8,494 
Due after 1 year1,900 2,005 
Total adjustable rate9,765 10,499 
Total par value$37,954 $45,818